Chancellor Jeremy Hunt has announced a series of measures he says are intended to tackle inflation and bring the country out of recession.
During his highly-anticipated Autumn Statement, he said: "Inflation eats away at the pound in people's pockets even more insidiously than taxes."
Mr Hunt added - to uproar from the Opposition benches, that Conservatives did not leave their debts to the next generation.
Key measures revealed by Mr Hunt include:
- An expanded windfall tax bill for the energy industry, up from 25 percent to 35 percent, meaning gas and oil firms will see total tax on UK profits rise from 65 percent to 75 percent
- A reduction in the 45p tax threshold for higher earners from £150,000 to £125,140
- Other Income Tax thresholds frozen until 2028, meaning people will pay more as earnings grow
Mr Hunt added - to uproar from the Opposition benches, that Conservatives did not leave their debts to the next generation.
Key measures revealed by Mr Hunt include:
- An expanded windfall tax bill for the energy industry, up from 25 percent to 35 percent, meaning gas and oil firms will see total tax on UK profits rise from 65 percent to 75 percent
- A reduction in the 45p tax threshold for higher earners from £150,000 to £125,140
- Other Income Tax thresholds frozen until 2028, meaning people will pay more as earnings grow
- Energy Price Guarantee to be raised to £3,000 and remain for 12 months from April, which the Chancellor said represented £500 in assistance for the average household
- Current National Insurance and Inheritance Tax thresholds to remain for two years
- From 2025, electric vehicles will no longer be exempt from Vehicle Excise Duty (road tax)
- Cuts to Stamp Duty will remain in place until 31 March 2025
- Current National Insurance and Inheritance Tax thresholds to remain for two years
- From 2025, electric vehicles will no longer be exempt from Vehicle Excise Duty (road tax)
- Cuts to Stamp Duty will remain in place until 31 March 2025
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